作者 |佳文 编辑 | 袁畅 公募基金最新一季的季报已经全部披露完毕。他们揭示的故事还远没有被充分挖掘。 在过去的2025年里，有大批的基金经理崛起，他们有的出自名门，有的在行业里已领跑多年，也有的是新晋崛起，有的完 全陌生。 他们或因能力、魄力抑或运气而冲上行业潮头，外界并不所知，但有一点，如此出色的表现，既有他们自身的主观努力， 也和2025年~2026年的" 超级成长行情"有关。 而随着他们的业绩上冲到行业榜前列，他们的投资风格和业绩原因，都格外值得关注。 01 谁是新来者？ 根据choice对过去一年主动基金净值增长率的统计，截至1月27日，这个市场里有15只基金在过去一年内收益率超过137%。 其中，按基金经理角度，大概能划分为几类： 第一类，历史上曾经业绩比较突出过的，包括永赢瑞恒的高楠、广发成长领航的吴远怡、中欧数字经济的冯炉丹等。 第二类，产品类型特别突出，或是基金经理风格倾向特别突出的。典型是吴国清管理的前海开源金银、叶勇管理的万家趋 势领先、任桀管理的永赢科技智选等，前两者都专注有色和贵金属，后者典型是科技。 第三类，则是本文特别希望能够来分析的（当然很可能一篇是分析不完的），从产品名称看 ...

Core Insights - In 2025, the public fund industry achieved remarkable performance, with the average return rate of the top 20 funds reaching 141.87%, and the top fund achieving a record return of 233.29% [1] - Unlike previous years, the 2025 performance champion was notably low-key, with less emphasis on marketing and promotion by fund companies, indicating a shift towards a more systematic and refined operational approach in the industry [2] Group 1: Fund Performance and Manager Characteristics - The 2025 top-performing funds showcased a significant evolution in their investment research and management structure, moving towards a "platform-based, integrated, multi-strategy" research system [3] - The average tenure of fund managers in the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers with diverse professional backgrounds [4] - 95% of the fund managers in the top 20 had a master's degree or higher, with a notable presence of managers from science and engineering backgrounds, enhancing their ability to understand emerging sectors [4] Group 2: Investment Strategies and Trends - The investment style of top-performing funds shifted from "high-frequency trading" to a more "steady and in-depth" approach, with a median turnover rate of 309.49%, a decrease of over 30% from 2024 [4] - The top 20 funds concentrated their investments in industries such as electronics and communications, with significant returns driven by deep industry research rather than mere speculation [5][6] - The evolution of investment methodology reflects a transition from short-term market speculation to long-term value creation, with the median annualized excess return rate reaching 121.45%, a ten-year high [7][8] Group 3: Risk Management and Stability - The average Calmar ratio of the top 20 funds reached 5.3 in 2025, indicating a significant improvement in risk-adjusted returns compared to previous years [9] - The median annual profit percentage for these funds was 66.67%, an increase of 8.33 percentage points from 2024, showcasing enhanced stability in performance [9] - The overall investment approach has shifted towards a more refined and systematic strategy, focusing on quality factors for long-term growth while balancing risk and return [10] Group 4: Future Directions and Industry Evolution - The public fund industry is moving towards a more refined and systematic operation, with an emphasis on multi-strategy approaches and a focus on value creation [11][12] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant turning point, indicating the arrival of a more tool-oriented era in public funds [12] - Fund companies are increasingly adopting diversified asset allocation strategies to mitigate market volatility and enhance long-term stability [13]

Core Insights - The public fund industry in 2025 achieved a record high average return rate of 141.87% for the top 20 funds, with the leading product reaching an astonishing 233.29%, setting a new annual return record for the industry [1] - The industry is transitioning from a reliance on "star fund managers" to a more systematic and refined operational model, marking a significant evolution in investment strategies [1][9] Group 1: Performance and Trends - The top 20 active equity funds in 2025 showcased a clear evolution in their performance metrics, indicating a shift towards a "tool-based" approach rather than a "betting" model [1] - The average tenure of fund managers for the top 20 funds was 4.66 years, the lowest in the past decade, reflecting a trend towards younger managers with diverse professional backgrounds [2] - The average turnover rate for the top 20 funds decreased significantly to 309.49%, indicating a shift from high-frequency trading to a more stable investment style [3] Group 2: Investment Strategy and Research - The investment style has evolved from "high-frequency trading" to "steady deep cultivation," with a notable increase in the average holding period for stocks [3] - The top funds concentrated their investments in industries such as electronics and telecommunications, demonstrating a unified trend in industry outlook and deep research capabilities [3][6] - The methodology for achieving high returns has shifted from short-term market speculation to long-term value creation, with a median excess return of 121.45% for the top 20 funds [5][8] Group 3: Risk Management and Stability - The average Calmar ratio for the top 20 funds reached 5.3, indicating a significant improvement in risk management and stability compared to previous years [7] - The median annual profit percentage for these funds was 66.67%, reflecting a reduced impact from short-term market fluctuations and a stronger reliance on long-term fundamental growth [7] - The overall investment approach has transitioned to a more refined and systematic strategy, enhancing the stability of returns and creating sustainable long-term value for investors [8][12] Group 4: Future Directions - The public fund industry is expected to see further concentration of performance, driven by a shift towards a more refined and systematic operational model [9] - The integration of multi-strategy and platform-based research systems is becoming essential for fund companies to adapt to changing market conditions and investor demands [10][11] - Fund companies are increasingly focusing on diversified asset allocation strategies to mitigate market volatility and enhance long-term return stability [12]

Core Viewpoint - The public fund industry has witnessed a record-breaking annual return, with Yongying Technology Smart Selection achieving a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6]. Group 1: Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position in the 2025 public fund rankings with a return of 233.29% [3][6]. - The second place was taken by Zhonghang Opportunity Navigation, managed by Han Hao, with a return of 168.92% [3][4]. - The third place was claimed by Hongtu Innovation Emerging Industry, managed by Liao Xinghao, with a return of 148.64% [3][4]. - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment [9]. Group 2: Market Trends - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 18.41% and the ChiNext Index leading with nearly 50% annual growth [2]. - The total market capitalization of A-shares reached a new high of nearly 109 trillion yuan [2]. - Various sectors experienced active market trends, with robotics, innovative pharmaceuticals, and hard technology sectors leading the charge [2]. Group 3: Fund Management Insights - The success of Yongying Technology Smart Selection is attributed to its concentrated holdings in high-performing sectors, particularly in CPO, with top ten holdings accounting for 73.25% of the fund's net value [8]. - The fund's top four holdings saw significant gains, with the first holding, Xinyi Sheng, increasing by 187.96% in the fourth quarter [8]. - The active management capabilities of funds have allowed them to outperform passive index products in a volatile market [3]. Group 4: ETF Market Developments - The ETF market in China reached a total scale of 6.03 trillion yuan in 2025, marking a significant increase from 3.73 trillion yuan at the beginning of the year [10]. - The top-performing ETFs included the Guotai Communication ETF with a return of 125.81% and the Guotai Communication Equipment ETF with 121.37% [10][14]. - Gold-themed ETFs also performed well, with several funds achieving returns exceeding 90% [12]. Group 5: Fixed Income + Fund Growth - The "Fixed Income +" strategy saw substantial growth, with the total scale of related funds reaching 2.52 trillion yuan, a 50% increase from the end of 2024 [15]. - The median return for fixed income + funds in 2025 was 10.2%, with the top performer, Southern Changyuan Convertible Bond, achieving a return of 48.77% [16][18].

Core Viewpoint - In the context of the investment wave towards Hong Kong stocks in 2025, a group of fund managers focusing on core technology assets in the A-share market have achieved impressive performance by deeply cultivating their areas of expertise [1] Group 1: Performance of A-share Funds - The top 20 A-share fund products in terms of performance this year have returns ranging from 125% to 236% [2] - These top-performing funds have generally maintained low exposure to Hong Kong stocks, with most having less than 10% allocation or zero holdings, ensuring a high concentration of core A-share assets [2][3] - The strategy of focusing on A-shares rather than diversifying into Hong Kong stocks reflects a rational assessment of market pricing efficiency and the fund managers' comparative advantages [3] Group 2: Investment Strategy and Market Dynamics - A-share market pricing reacts more directly and fully to local hot sectors, allowing for better capture of market opportunities by maintaining high positions in core A-share assets [4] - The low allocation to Hong Kong stocks among top-performing A-share funds indicates the importance of adapting investment strategies to different market characteristics [5] - Funds that heavily invested in Hong Kong stocks without adjusting their strategies often underperformed, highlighting the need for a deep understanding of market rules [6] Group 3: Differences in Investment Logic - A-share fund managers tend to focus on growth potential and sector performance, while professional Hong Kong fund managers prioritize financial quality, cash flow, and dividend potential [7] - The contrasting investment logic between A-share and Hong Kong funds is evident, as some high-growth stocks favored by A-share managers may not align with the preferences of Hong Kong investors [7][9] Group 4: Insights from Professional Fund Managers - Professional Hong Kong fund managers emphasize the importance of understanding liquidity risks and the unique pricing mechanisms of the Hong Kong market [8] - They suggest that A-share fund managers need to invest additional effort to learn and adapt to the characteristics of the Hong Kong market [8] - The focus on high dividend potential and quality growth in Hong Kong stocks offers A-share fund managers alternative strategies for expanding their investment capabilities [9]

Core Insights - In the context of the investment wave towards Hong Kong stocks in 2025, a group of fund managers focusing on core technology assets in the A-share market has achieved impressive performance, with returns ranging from 125% to 236% for the top 20 funds [1][2]. Group 1: Performance and Strategy - The top-performing A-share funds have maintained low exposure to Hong Kong stocks, with many keeping their allocation below 10% or at zero, allowing for a high concentration in A-share core assets [1][2]. - For instance, the Guangfa Growth Navigator fund reduced its Hong Kong stock allocation from approximately 28% in June to about 4% by the end of the third quarter, effectively avoiding volatility in the Hong Kong market [2]. - Other funds, such as the Yongying Technology Smart Selection fund, also maintained low Hong Kong stock allocations, focusing primarily on the A-share market [2]. Group 2: Market Dynamics and Investment Logic - A-share market pricing reacts more directly to local hot sectors, making it easier to capture market opportunities by maintaining a high allocation to core A-share assets [3]. - The difference in market characteristics between A-shares and Hong Kong stocks necessitates a tailored investment strategy, as A-share funds often struggle when applying their strategies to the Hong Kong market without proper adjustments [4]. - Funds that heavily invested in Hong Kong stocks without adapting their strategies have generally underperformed, highlighting the importance of understanding market dynamics [4]. Group 3: Investment Philosophy - A-share fund managers tend to focus on growth potential and sector performance, while professional Hong Kong funds prioritize financial quality, cash flow, and dividend potential [5][6]. - For example, the Hong Kong stock Jiangnan Buyi, valued at approximately HKD 10 billion, has been recognized for its strong cash flow and dividend history, which A-share funds have overlooked [6]. - The contrasting investment philosophies between A-share and Hong Kong funds illustrate the need for A-share managers to adapt their approaches when considering investments in the Hong Kong market [5][6]. Group 4: Challenges and Considerations - A-share fund managers need to approach Hong Kong investments with caution, recognizing the significant influence of global liquidity and market sentiment on pricing [7][8]. - Understanding the unique pricing mechanisms and investor structures in the Hong Kong market is crucial for A-share fund managers venturing into this space [7][8]. - The potential for long-term returns exists in the Hong Kong market, particularly through identifying high-dividend yielding assets, which can provide an alternative strategy for A-share fund managers [8].

Core Viewpoint - The article discusses the investment strategies of Wu Haining, a fund manager at Hengyue Fund, focusing on capturing opportunities in the technology sector amidst rapid shifts in sub-sector hotspots [1]. Group 1: Investment Strategy and Performance - Wu Haining's management of Hengyue Advantage Select has yielded a one-year return of 142.56%, ranking sixth among similar funds, attributed to effective control over the rotation of high-growth technology sectors [2]. - In Q1, the fund primarily invested in smart driving, domestic computing power, and the Apple supply chain, with a notable increase in AI computing targets [2]. - By Q2, the fund reduced its holdings in smart driving due to price pressures and increased investments in the PCB sector and upstream materials, while also positioning in sectors like military, gaming, and new energy that showed signs of recovery [2]. - In Q3, the focus remained on AI computing, with some profit-taking on targets that had reached their goals, and an increased allocation to the storage sector due to a price increase cycle starting in September [2]. - For Q4, the emphasis shifted to energy storage and domestic semiconductor equipment, with a long-term positive outlook on the North American AI computing industry chain [2]. Group 2: Market Outlook for 2026 - Wu Haining anticipates continued opportunities in 2026, with liquidity being a key factor as major economies are likely to remain in a rate-cutting cycle, leading to a relatively loose funding environment [4]. - The AI industry is expected to be in its early stages, with core companies in the supply chain showing high earnings growth certainty, particularly monitoring Alibaba's AI capital expenditures and model advancements [4]. - The investment focus for 2026 includes energy storage, storage chips, AI computing, semiconductor equipment materials, and lithium solid-state batteries, along with globally competitive companies expanding in international markets [4]. - The stock selection logic will involve assessing industry growth potential and focusing on companies with high earnings elasticity, maintaining a core of familiar mid-to-long-term investments while adding short-term elastic stocks to enhance returns [4]. Group 3: Specific Investment Directions - The demand for energy storage is expected to grow significantly, with predictions of domestic shortages and price increases in 2026, while the economic viability of independent storage in China is becoming evident [5]. - The storage chip sector is entering a price increase cycle, driven by AI's demand for data storage, with AI video generation requiring significantly more storage than text or image generation [6]. - Domestic production capabilities for storage chips have reached international standards, and the etching equipment necessary for chip production is expected to benefit from the ongoing upcycle in the industry [6].

Core Viewpoint - The article discusses the investment strategies of Wu Haining, a fund manager at Hengyue Fund, focusing on capturing opportunities in the technology sector amidst rapid shifts in sub-sector hotspots [1]. Group 1: Investment Strategy and Performance - Wu Haining's management of Hengyue Advantage Select has yielded significant returns, with a one-year return of 142.56%, ranking sixth among similar funds [2]. - The investment strategy involved a focus on high-growth technology sectors, including smart driving, domestic computing power, and the Apple supply chain, with a notable increase in AI computing targets [2]. - In the second quarter, adjustments were made by reducing positions in smart driving and increasing exposure to the PCB sector and upstream materials, while also investing in sectors like military, gaming, and new energy [2]. Group 2: Market Outlook for 2026 - Wu Haining anticipates continued opportunities in 2026, driven by a likely ongoing interest rate reduction cycle across major economies, which will maintain a relatively loose liquidity environment [4]. - Key sectors for investment in 2026 include energy storage, storage chips, AI computing power, semiconductor equipment materials, and lithium solid-state batteries, with a focus on companies with global competitiveness [4][5]. - The investment logic will involve selecting companies with significant performance elasticity and adjusting portfolio allocations based on market conditions and the certainty of factors [4]. Group 3: Specific Sector Insights - The energy storage sector is expected to see increased demand, with predictions of shortages and price increases in domestic storage by 2026, driven by the economic viability of independent storage and increased foreign electricity shortages [5][6]. - The storage chip market is entering a price increase cycle, with AI-driven data storage demand expected to surge, particularly due to the high demand from AI video generation [6]. - The domestic semiconductor equipment sector is also viewed positively, as domestic storage chip production capabilities have reached international standards, with a high certainty of continued expansion during the upcycle [6].

Group 1 - Technology-themed funds have shown strong performance, with many ranking among the top ten in the past year, particularly highlighted by the Yongying Technology Smart Mixed Fund, which achieved a net value growth rate of 212.75% [2] - The gap between technology-themed funds and consumer-themed funds is significant, with a difference of over 240 percentage points in net value growth rates [2] - Market sentiment remains positive towards the AI sector, with expectations that the AI industry chain will continue to attract overseas orders and capital expenditures in the coming years [2] Group 2 - The stock market has seen significant interest in technology stocks, exemplified by the 425.46% increase in the stock price of Moore Thread on its listing day, reflecting a strong market sentiment [3] - There are differing opinions among fund managers regarding the narrative of AI for the upcoming year, with some expressing cautious optimism about the potential for new applications to emerge [4] - Fund managers are adjusting their portfolios, shifting from computing power stocks to AI application-focused investments, indicating a strategic realignment in response to market conditions [5] Group 3 - Key areas of focus for the upcoming year include OCS technology and its supporting Scale-Up intelligent computing networks, AI application functionalities from internet companies, and the development of B-end vertical AI agents by 2026 [5]

Core Viewpoint - Hengyue Fund, established in 2017 in Shanghai with a registered capital of 230 million yuan, aims to become a differentiated and boutique public fund manager focusing on active management and stable long-term returns for investors [4][7]. Company Overview - Hengyue Fund was founded in 2017 and has a registered capital of 230 million yuan [4][7]. - The major shareholder, Li Shujun, has extensive experience in private equity, with his firm, Zhixin Capital, being a well-known private equity investment institution in the Asia-Pacific region [4]. - The company emphasizes active management, balancing active equity and unique "fixed income+" strategies [4]. Product Line - Hengyue Fund offers a variety of products, including: - Active equity funds such as Hengyue Advantage Select, Hengyue Growth Select, and Hengyue Blue Chip Select [11]. - Fixed income products like Hengyue Seasonal Joy and Hengyue Pure Bond [11]. - Thematic and value-oriented funds focusing on domestic demand and technology [11]. Performance - Over the past five years, Hengyue Fund's equity funds have performed well, ranking 10th out of 137 public fund companies in terms of absolute returns from July 1, 2020, to June 30, 2025 [12]. Investment Team - The investment team at Hengyue Fund is robust, with an average of nearly 9 years of experience in the securities industry among the 10 fund managers [16]. - The research team covers a wide range of industries, including essential and discretionary consumption, pharmaceuticals, technology, and finance [17]. Recognition - Hengyue Fund received the "Most Growing Fund Company Award" at the 19th Shanghai Securities Awards in 2022, highlighting its growth and performance in the industry [7].